Debt -
Debt: Consumers Told To Make Budgets - 01/04/2008
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An expert has urged consumers to devise a means of escaping financial crisis by adopting a budgeting system.
Director of Thomas Charles, James Falla said a spreadsheet will be quite helpful for consumers looking to balance their income and expenses.
He reminded that people should learn to live within their budgets, adding that it is not rocket science and warned that anyone who spends more than they earn will definitely get into debt.
In the budget suggested by Mr Falla, the list of expenses should include bills, food and taxes, but excluding payments to debt or loans.
This, according to him, will allow consumers to work out their disposable income, which they could use for the payments of debts or make repayments on loans.
Mortgage arrears have soared this year forcing many people to seek debt advice, Citizens Advice revealed recently.
Higher interest rates, rising energy and food bills, fuel prices and bigger council tax demands have hugely contributed in pilling up debts for consumers, it was revealed.
The Citizens Advice survey also said three-quarters of its bureaus in England and Wales confirmed they had dealt with nearly a quarter of a million new debt problems during the first two months of this year.
Of those they dealt with at least 9,300 were seeking help with mortgages, 35 per cent more than those with similar problem the same period of last year. The Council of Mortgage Lenders also confirmed that the overall figure was 130,000 compared to 98,000 in 2004 and 119,500 in 2006.
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